Stretched, banks complain: Being made villain of the piece

Over the last few days, there has been several tax rapids on banks and even many bank employees are arrested by the Enforcement Directorate.Since the demonetization, there has been rapidly growing concern in banks. Be it public sector or government banks, the concern seems nowhere ending.

Credit: I Express

The Enforcement Directorate and other investigative agencies portray the bank employees as “villain” in the wage of government’s demonetisation piece by putting a gun on their heads.While talking to media the private and public sector banks told that they were being made a “scapegoat.”And the question remains the same, when most of the money demonetised on November 8th has returned still the distress regarding the same remains unchanged.The inadequate flow of new currency across the nation, is making us question the bank bodies.

“we are bearing an enormous cost of compliance. We had to recalibrate ATMs at short notice, hire private transport to move cash to every corner of the nation including secluded rural areas, hire more security, waive off so many different charges, etc. Banking has come to a hault, with the whole focus on deposits and withdrawals,” said a private banker, who wanted to go anonymous.O P Bhatt, former Chairman, State Bank of India, gave a statement and says, “True, some things have gone wrong. Banks should not be made the villain in the piece. The communication process and breakdown should be held responsible for the same.”

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